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Acquisitions (Tables) | 12 Months Ended
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Jan. 01, 2022
Business Combination and Asset Acquisition [Abstract] |
Summary of assets acquired and liabilities assumed | The following table summarizes the estimated fair values of assets acquired and liabilities assumed and the purchase price for Clouth and the Company's other acquisitions in 2021. The final purchase accounting and purchase price allocations remain subject to change as the Company continues to refine its preliminary valuation of certain acquired assets and liabilities assumed and the valuation of acquired intangibles, which may result in adjustments to the assets and liabilities, including goodwill. Measurement period adjustments in 2021 did not have a material effect on the Company's consolidated balance sheet or statement of income.
(In thousands) |  | Clouth |  | Other |  | Total
Net Assets Acquired: |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 4,923 |  |  | $ | 3,757 |  |  | $ | 8,680 |
Accounts Receivable |  | 6,808 |  |  | 1,641 |  |  | 8,449 |
Inventories |  | 14,119 |  |  | 4,628 |  |  | 18,747 |
Property, Plant, and Equipment |  | 24,498 |  |  | 5,143 |  |  | 29,641 |
Other Assets |  | 5,309 |  |  | 3,167 |  |  | 8,476 |
Definite-Lived Intangible Assets |  |  |  |  |  |
Customer relationships |  | 20,192 |  |  | 23,100 |  |  | 43,292 |
Product technology |  | 8,915 |  |  | 2,700 |  |  | 11,615 |
Tradenames |  | — |  |  | 1,400 |  |  | 1,400 |
Other |  | 401 |  |  | 1,560 |  |  | 1,961 |
Indefinite-Lived Intangible Assets |  |  |  | — |  |  |
Tradenames |  | 4,959 |  |  | — |  |  | 4,959 |
Goodwill |  | 25,806 |  |  | 27,951 |  |  | 53,757 |
Total assets acquired |  | 115,930 |  |  | 75,047 |  |  | 190,977 |
Short-term Obligations and Current Maturities of Long-term Obligations |  | 1,393 |  |  | — |  |  | 1,393 |
Accounts Payable |  | 1,287 |  |  | 797 |  |  | 2,084 |
Long-Term Deferred Income Taxes |  | 9,465 |  |  | 6,698 |  |  | 16,163 |
Long-Term Obligations |  | 4,244 |  |  | — |  |  | 4,244 |
Other Liabilities |  | 7,391 |  |  | 7,166 |  |  | 14,557 |
Total liabilities assumed |  | 23,780 |  |  | 14,661 |  |  | 38,441 |
Net assets acquired |  | $ | 92,150 |  |  | $ | 60,386 |  |  | $ | 152,536 |
Purchase Price: |  |  |  |  |  |
Cash Paid |  | $ | 92,150 |  |  | $ | 60,386 |  |  | $ | 152,536 |
The following table summarizes the estimated fair values of assets acquired and liabilities assumed and the purchase price for SMH.
(In thousands) |  | January 2, 2019
Net Assets Acquired: |  |
Cash, Cash Equivalents, and Restricted Cash |  | $ | 2,431 |
Accounts Receivable |  | 10,275 |
Inventories |  | 13,061 |
Property, Plant, and Equipment |  | 7,383 |
Other Assets |  | 12,054 |
Definite-Lived Intangible Assets |  |
Customer relationships |  | 58,300 |
Product technology |  | 11,000 |
Other |  | 4,220 |
Indefinite-Lived Intangible Assets |  |
Tradenames |  | 9,500 |
Goodwill |  | 78,592 |
Total assets acquired |  | 206,816 |
Accounts Payable |  | 3,380 |
Other Current Liabilities |  | 7,954 |
Long-Term Lease Liabilities |  | 15,244 |
Long-Term Deferred Income Taxes |  | 952 |
Total liabilities assumed |  | 27,530 |
Net assets acquired |  | $ | 179,286 |
Purchase Price: |  |
Cash Paid |  | $ | 179,286 |
Unaudited supplemental pro forma information | The following unaudited pro forma information provides the effect of the Company's 2021 acquisition of Clouth as if it had occurred at the beginning of 2020:
(In thousands, except per share amounts) |  | January 1, 2022 |  | January 2, 2021
Revenue |  | $ | 812,016 |  |  | $ | 682,248 |
Net Income Attributable to Kadant |  | $ | 90,184 |  |  | $ | 55,760 |
Earnings per Share Attributable to Kadant |  |  |  |
Basic |  | $ | 7.79 |  |  | $ | 4.86 |
Diluted |  | $ | 7.74 |  |  | $ | 4.82 |
The following unaudited pro forma information provides the effect of the Company's 2019 acquisition of SMH as if it had occurred at the beginning of 2018:
(In thousands, except per share amounts) |  | December 28, 2019
Revenue |  | $ | 704,644 |
Net Income Attributable to Kadant |  | $ | 56,409 |
Earnings per Share Attributable to Kadant |  |
Basic |  | $ | 5.02 |
Diluted |  | $ | 4.92 |

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